Sector Update: Tech Stocks Turn Around, Close Higher; TW Telecom Climbs to 13-Year High on Buyout Speculation
Top Tech Stocks
Technology stocks reversed earlier losses to finish Friday's session in the black, with shares of technology companies in the S&P 500 climbing about 0.4%.
In company news, TW Telecom Inc. ( TWTC ) shares rose to a 13-year high Friday following reports Level 3 Communications ( LVLT )is actively discussing a prospective purchase of the business ethernet provider.
Citing two sources familiar with the matter, Brightwire today was reporting LVLT was "intensifying talk with tw telecom about a possible acquisition." The companies also are said to have discussed a deal two years ago when TWTC hired Evercore Partners to assist with evaluating its strategic options, although the article notes LVLT likely is in better shape now to pursue a transaction than it was at the time.
Representatives at both companies declined to comment when contacted by Brightwire.
TWTC shares were up 13% at $36.56 each late in Friday's session, earlier climbing to a post-Internet bubble high of $36.82 a share. Heading into today's session, the stock has risen 26.7% over the past 12 months.
LVLT also was up today, climbing 3.9% to $43.86 a share.
In other sector news,
(+) INTC, Raises Q2 revenue outlook to $13.4 bln to 14.0 bln, at least $380 mln over estimates, citing rising computer sales. Boosts FY14 forecast to "some growth" from prior "flat" guidance. Street looking for a 0.7% rise to $53.06 bln.
(-) FNSR, Adjusted Q4 EPS of $0.36 misses by $0.02 per share. Revenue rises 25.7% to $306 mln, topping estimates by $2.08 mln. Q1 EPS forecast lags Street view by at least $0.07 per share but projected revenue beats by at least $6.59 mln.
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